Prestige Consumer Healthcare Inc.
For the period ended Mar 31, 2026. Filed May 14, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed May 14, 2026
PBH$42.98-3.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2025-03-31; filed 2025-05-09.
0001295947-25-000017
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2026-03-31; filed 2026-05-14.
0001295947-26-000016
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 150 previous paragraphs and 152 current paragraphs.
111 unchanged; 28 reworded; 10 added; 10 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 7 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Acquisitions
Current report
Acquisition of Pillar5
Current report
On December 18, 2025, we completed the acquisition of Pillar5, which was funded through a combination of cash on hand and our existing asset-based revolving credit facility.
Current report
Based in Arnprior Ontario, Canada, Pillar5 is a leading sterile ophthalmic manufacturer and one of our current Clear Eyes suppliers.
Current report
The pro-forma effect of this acquisition on revenues and earnings was not material.
Current report
Pending Acquisition of Foundation Consumer Brands Product Portfolio
Current report
On March 19, 2026, we entered into a definitive agreement to acquire certain assets and assume certain liabilities primarily related to a portfolio of over-the-counter consumer health products, including Breathe Right® and certain other brands from Foundation Consumer Brands, LLC. We anticipate the transaction to close in the first half of fiscal 2027.
Current report
Revenues for the North American OTC Healthcare segment decreased $46.4 million, or 4.8%, during 2026 versus 2025. The $46.4 million decrease was primarily attributable to a decrease in sales in the Eye & Ear Care category, due to a limited ability to supply demand for Clear Eyes.
Current report
Other Expense, Net
Current report
During fiscal 2026, we wrote off a supplier loan of $10.3 million, previously included in Accounts receivable, net.
Removed paragraphs (10)
Previous report
At February 28, 2023, in conjunction with the annual test for goodwill impairment, which coincided with our annual strategic planning process, we recorded an impairment charge of $48.8 million to adjust the carrying amount of goodwill related to our North American Women's Health and North American Oral Care reporting units. The impairment charges were primarily a result of increased discount rates due to macroeconomic conditions.
Previous report
As a result of our annual impairment test at February 28, 2023, the fair values of three of our indefinite-lived intangible assets, Summer’s Eve, DenTek and TheraTears, did not exceed the carrying values and, as such, impairment charges totaling $298.7 million were recorded. The impairment charges were primarily a result of an overall increase in the discount rate used to value the brands, as well as in the case of Summer’s Eve, our reassessment of the long-term sales projections of this brand during our annual planning cycle. The indefinite-lived intangible assets impaired are all part of our North American OTC Healthcare segment.
Previous report
Our analysis at February 28, 2023 concluded that the fair value of several of our non-strategic finite-lived intangible assets did not exceed their carrying values, and as such, impairment charges of $22.7 million were recorded. The impairment charges were the result of our reassessment of the long-term sales projections for the associated non-strategic brands during our annual planning cycle, the largest of which pertained to the strategic exit of our DenTek private label business. The finite-lived trademarks impaired are all part of the North American OTC Healthcare segment.
Previous report
Revenues for the North American OTC Healthcare segment increased $1.8 million, or 0.2%, during 2025 versus 2024. The $1.8 million increase was primarily attributable to an increase in sales in the Gastrointestinal category, partly offset by a decrease in sales in the Cough & Cold category.
Previous report
On July 1, 2021, we entered into Amendment No. 6 ("Term Loan Amendment No. 6"), to the 2012 Term Loan. Term Loan Amendment No. 6 provided for, among other things, (i) the refinancing of our outstanding term loans and the creation of a new class of Term B-5 Loans (the "Term B-5 Loans") in an aggregate principal amount of $600.0 million, (ii) increased flexibility under the credit agreement governing the 2012 Term Loan and the 2012 ABL Revolver and (iii) an extension of the maturity date of the 2012 Term Loan to July 1, 2028. Under Term Loan Amendment No. 6, we were required to make quarterly payments each equal to 0.25% of the aggregate principal amount of the 2012 Term Loan.
Previous report
The net proceeds from the new class of Term B-5 Loans were used to refinance our outstanding term loans, finance the acquisition ofthe consumer health business assets from Akorn Operating Company LLC ("Akorn") pursuant to an Asset Purchase Agreement, dated May 27, 2021 (the "Purchase Agreement"), and pay fees and expenses incurred in connection with these transactions.
Previous report
(1)Represents the estimated interest obligations on the outstanding balances at March 31, 2025 of the 2021 Senior Notes, 2019 Senior Notes and 2012 ABL Revolver, assuming scheduled principal payments (based on the terms of the loan agreements). We estimate our future obligations for interest on our variable rate debt, made up of interest on the unused portion of our ABL, by assuming the weighted average interest rate in effect on the variable rate debt obligation at March 31, 2025 remains constant into the future. This is an estimate, as actual rates will vary over time. In addition, we assume that the average balance outstanding for the last month of fiscal 2025 remains the same for the remaining term of the agreement. The actual balance outstanding may fluctuate significantly in future periods, depending on the availability of cash flow from operations and future investing and financing considerations. Estimated interest obligations would be different under different assumptions regarding interest rates or timing of principal payments.
Previous report
(2)Purchase obligations for inventory costs are legally binding commitments for projected inventory requirements to be utilized during the normal course of our operations.
Previous report
(3)Purchase obligations for other costs are legally binding commitments for marketing, advertising and capital expenditures. Our capital expenditures primarily relate to manufacturing equipment. Activity costs for molds and equipment to be paid, based solely on a per unit basis without any deadlines for final payment, have been excluded from the table because we are unable to determine the time period over which such activity costs will be paid.
Previous report
(4)We have excluded obligations related to uncertain tax positions because we cannot reasonably estimate when they will occur.
Reworded paragraphs (28)
Previous wording
We are engaged in the development, manufacturing, marketing, sales and distribution of well-recognized, brand name OTC health and personal care products to mass merchandisers, drug, food, dollar, convenience and club stores and e-commerce channels in North America (the United States and Canada) and in Australia and certain other international markets. We use the strength of our brands, our established retail distribution network, a low-cost operating model and our experienced management team to create our competitive advantage.
Current wording
We are engaged in the development, manufacturing, marketing, sales and distribution of well-recognized, brand name OTC health and personal care products to mass merchandisers, drug/drug wholesale, food, dollar, convenience and club stores and e-commerce channels in North America (the United States and Canada) and in Australia and certain other international markets. We use the strength of our brands, our established retail distribution network, a low-cost operating model and our experienced management team to create our competitive advantage.
Previous wording
There has been economic uncertainty in the United States and globally due to several factors, including evolving fiscal policy, global supply chain constraints, changes in interest rates, a high inflationary environment, geopolitical events and evolving U.S. and international tariffs. We expect economic conditions will continue to be highly volatile and uncertain, put pressure on prices and supply, and could affect demand for our products. We have continued to see changes in the purchasing patterns of our end customers, including a shift in many markets to purchasing our products online, and could see changes in retailer purchasing patterns due to the uncertain economic environment.
Current wording
There has been economic uncertainty in the United States and globally due to several factors, including evolving fiscal policy, global supply chain constraints, changes in interest rates, a high inflationary environment, geopolitical events, including conflicts in the Middle East, and evolving U.S. and international trade restrictions and tariffs. We expect economic conditions will continue to be highly volatile and uncertain, put pressure on prices and supply, and could affect demand for our products. We have continued to see changes in the purchasing patterns of our consumers, including a shift in many markets to purchasing our products online, and have and may continue to see changes in retailer purchasing patterns due to these consumer patterns and the volatile economic environment.
Previous wording
The volatile environment has impacted the supply of labor and raw materials and exacerbated rising input costs. We have and may continue to experience shortages, delays and backorders for certain ingredients and products, difficulty scheduling shipping for our products, as well as price increases from many of our suppliers for both shipping and product costs. Certain of our third-party manufacturers are currently having, and have had in the past, difficulty meeting demand, which is and has caused shortages of our products, particularly eye care products. These shortages negatively impacted our results of operations, and we expect further shortages may have a negative impact on our sales. If conditions cause further disruption in the global supply chain, the availability of labor and materials or otherwise further increase costs, it may materially affect our operations and those of third parties on which we rely, including causing material disruptions in the supply and distribution of our products. The extent to which these conditions impact our results and liquidity will depend on future developments, which are highly uncertain and cannot be predicted, including further global supply chain constraints, inflation, tariffs, global conflicts and trade actions/disputes and the potential for further outbreaks of severe illnesses. These effects could have a material adverse impact on our business, liquidity, capital resources and results of operations and those of the third parties on which we rely.
Current wording
The volatile environment has impacted the supply of labor and raw materials and exacerbated rising input costs. We have and may continue to experience shortages, delays and backorders for certain ingredients and products, difficulty scheduling shipping for our products, as well as price increases from many of our suppliers for both shipping and product costs. We and our manufacturers are currently having, and have had in the past, difficulty meeting demand, which is and has caused shortages of some of our products, particularly eye care products. These shortages have negatively impacted our results of operations, and we expect further shortages will continue to have a negative impact on our sales. If conditions cause further disruption in the global supply chain, the availability of labor and materials or otherwise further increase costs, it may materially affect our operations and those of third parties on which we rely, including causing material disruptions in the supply and distribution of our products. The extent to which these conditions impact our results of operations and liquidity will depend on future developments, which are highly uncertain and cannot be predicted, including global supply chain constraints, inflation, tariffs, global conflicts and trade actions/disputes. These effects could have a material adverse impact on our business, liquidity, capital resources and results of operations and those of the third parties on which we rely.
Previous wording
At March 31, 2025, the brands with the highest carrying value were Monistat, BC/Goody's, Summer's Eve, TheraTearsand Fleet, comprising 58.6% of our total intangible assets value.
Current wording
At March 31, 2026, the brands with the highest carrying value were Monistat, BC/Goody's, Summer's Eve, TheraTearsand Fleet, comprising approximately 59% of our total intangible assets value.
Previous wording
We have experienced declines in revenues and profitability of certain brands in the North American OTC Healthcare segment, as discussed below. Sustained or significant future declines in revenue, profitability, other adverse changes in expected operating results and/or unfavorable changes in other economic factors used to estimate fair values of certain brands could indicate that fair value no longer exceeds carrying value, in which case additional non-cash impairment charges may be recorded in future periods.
Current wording
We have experienced declines in revenues and profitability of certain brands in the North American OTC Healthcare segment, as discussed in "Results of Operations" below. Sustained or significant future declines in revenue, profitability, other adverse changes in expected operating results and/or unfavorable changes in other economic factors used to estimate fair values of certain brands could indicate that fair value no longer exceeds carrying value, in which case additional non-cash impairment charges may be recorded in future periods.
Previous wording
We performed a sensitivity analysis of our weighted average cost of capital, and we determined that a 50-basis point increase in the weighted average cost of capital used to value all of our indefinite-lived intangible assets would have resulted in an additional impairment charge of $1.4 million. Additionally, a 50-basis point decrease in the terminal growth rate used for each of our indefinite-lived intangible assets would have resulted in an additional impairment charge of $1.9 million.
Current wording
Our analysis as of February 28, 2026 confirmed that all indefinite-lived intangible assets had a fair value exceeding their carrying value by at least 10%, with the exception of Monistat within our North American Women's Health reporting unit. We performed a sensitivity analysis of our weighted average cost of capital, and we determined that a 50-basis point increase in the weighted average cost of capital used to value all of our indefinite-lived intangible assets would have resulted in an impairment charge of $16.6 million. Additionally, a 50-basis point decrease in the terminal growth rate used for each of our indefinite-lived intangible assets would not have resulted in any of our indefinite-lived intangible assets' fair value being less than their carrying value.
Previous wording
Total segment revenues for 2025 were $1,137.8 million, an increase of $12.4 million, or 1.1%, versus 2024.
Current wording
Total segment revenues for 2026 were $1,088.7 million, a decrease of $49.1 million, or 4.3%, versus 2025.
Previous wording
Revenues for the International OTC Healthcare segment increased $10.7 million, or 6.4%, during 2025 versus 2024. The $10.7 million increase was mainly attributable to an increase in sales in the Gastrointestinal and Dermatologicals categories, partly offset by a decrease in sales in the Women's Health and Cough & Cold categories.
Current wording
Revenues for the International OTC Healthcare segment decreased $2.6 million, or 1.5%, during 2026 versus 2025. The $2.6 million decrease was mainly attributable to a decrease in sales in the Eye & Ear Care category, partly offset by an increase in sales in the Women's Health and Cough & Cold categories.
Previous wording
Gross profit for 2025 increased $10.0 million, or 1.6%, versus 2024. As a percentage of total revenues, gross profit increased to 55.8% in 2025 from 55.5% in 2024, primarily due to an increase in revenue and a decrease in freight costs in our North American OTC Healthcare segment.
Current wording
Gross profit for 2026 decreased $38.9 million, or 6.1%, versus 2025. As a percentage of total revenues, gross profit decreased to 54.7% in 2026 from 55.8% in 2025, primarily due to the decrease in revenue and costs related to the acquisition of our Canadian manufacturing facility.
Previous wording
Gross profit for the North American OTC Healthcare segment increased $2.2 million, or 0.4%, during 2025 versus 2024. As a percentage of North American OTC Healthcare revenues, gross profit increased to 55.3% during 2025 from 55.2% during 2024.
Current wording
Gross profit for the North American OTC Healthcare segment decreased $30.3 million, or 5.7%, during 2026 versus 2025. As a percentage of North American OTC Healthcare revenues, gross profit decreased to 54.8% during 2026 from 55.3% during 2025, primarily due to the decrease in revenue and costs related to the acquisition of our Canadian manufacturing facility.
Previous wording
Gross profit for the International OTC Healthcare segment increased $7.8 million, or 8.1%, during 2025 versus 2024. As a percentage of International OTC Healthcare revenues, gross profit increased to 58.1% during 2025 from 57.2% during 2024, primarily due to an increase in revenue and product mix.
Current wording
Gross profit for the International OTC Healthcare segment decreased $8.6 million, or 8.3%, during 2026 versus 2025. As a percentage of International OTC Healthcare revenues, gross profit decreased to 54.1% during 2026 from 58.1% during 2025, primarily due to increased inflation as well as channel and product mix.
Previous wording
Contribution margin for the North American OTC Healthcare segment increased $4.3 million, or 1.1%, during 2025 versus 2024. As a percentage of North American OTC Healthcare revenues, contribution margin for the North American OTC Healthcare segment increased to 41.8% during 2025 from 41.5% during 2024. The contribution margin increase as a percentage of revenues was primarily due to the increase in gross profit margin noted above and decreased advertising and marketing spend in North America during 2025.
Current wording
Contribution margin for the North American OTC Healthcare segment decreased $21.7 million, or 5.4%, during 2026 versus 2025. As a percentage of North American OTC Healthcare revenues, contribution margin for the North American OTC Healthcare segment decreased to 41.6% during 2026 from 41.8% during 2025. The contribution margin decrease as a percentage of revenue was primarily due to the decrease in gross profit margin above, partly offset by a decrease in advertising and marketing spend.
Previous wording
Contribution margin for the International OTC Healthcare segment increased $3.3 million, or 4.5%, during 2025 versus 2024. As a percentage of International OTC Healthcare revenues, contribution margin for the International OTC Healthcare segment decreased to 43.3% during 2025 from 44.1% during 2024. The contribution margin decrease as a percentage of revenues was primarily due to an increase in advertising and marketing spend internationally in 2025.
Current wording
Contribution margin for the International OTC Healthcare segment decreased $10.3 million, or 13.3%, during 2026 versus 2025. As a percentage of International OTC Healthcare revenues, contribution margin for the International OTC Healthcare segment decreased to 38.1% during 2026 from 43.3% during 2025. The contribution margin decrease as a percentage of revenues was primarily due to the decrease in gross profit margin noted above.
Previous wording
General and administrative expenses were $108.2 million for 2025 versus $106.2 million for 2024. The increase in general and administrative expenses was primarily due to increases in compensation costs and professional fees.
Current wording
General and administrative expenses were $116.4 million for 2026 versus $108.2 million for 2025. The increase in general and administrative expenses was primarily due to increases in compensation-related expenses, acquisition-related costs and an increase in our allowance for doubtful accounts pertaining to one specific customer.
Previous wording
Depreciation and amortization expense was $21.3 million for 2025 versus $22.6 million for 2024. The decrease in depreciation and amortization expenses was primarily due to a decrease in amortization expense due to certain intangible assets being fully amortized during 2025.
Current wording
Depreciation and amortization expense was $20.9 million for 2026 versus $21.3 million for 2025. The decrease in depreciation and amortization expenses was primarily related to a decrease in amortization expense due to impairment charges taken on certain finite-lived brands in fiscal 2025, as well as certain intangible assets being fully amortized during 2025.
Previous wording
In 2025, our annual impairment test resulted in total impairment charges of $12.5 million. This includes $6.6 million related to non-strategic indefinite-lived intangible assets and $5.9 million related to non-strategic finite-lived assets. The impairments primarily reflected the deliberate shift in sales toward other strategic brands within our portfolio. Of the total charges, $10.0 million pertain to our North American OTC Healthcare segment, while $2.5 million relates to our International OTC Healthcare segment.
Current wording
In 2025, our annual impairment test resulted in total impairment charges of $12.5 million. This included $6.6 million related to non-strategic indefinite-lived intangible assets and $5.9 million related to non-strategic finite-lived assets. The impairments primarily reflected the deliberate shift in sales toward other strategic brands within our portfolio. Of the total charges, $10.0 million pertains to our North American OTC Healthcare segment, while $2.5 million related to our International OTC Healthcare segment.
Previous wording
Interest expense, net was $47.6 million during 2025 versus $67.2 million during 2024. The average cost of borrowing decreased to 4.7% for 2025 from 5.4% for 2024. The average indebtedness decreased to $1.1 billion during 2025 from $1.3 billion in 2024.
Current wording
Interest expense, net was $42.3 million during 2026 versus $47.6 million during 2025. The average cost of borrowing decreased to 4.5% for 2026 from 4.7% for 2025. The average indebtedness decreased to $1.0 billion during 2026 from $1.1 billion in 2025.
Previous wording
The provision for income taxes during 2025 was $69.6 million versus $66.7 million in 2024. The effective tax rate on income before income taxes was 24.5% during 2025 versus 24.2% during 2024. The increase in the effective tax rate in 2025 compared to 2024 was due to the mix of earnings in the U.S. and foreign jurisdictions.
Current wording
The provision for income taxes during 2026 was $67.2 million versus $69.6 million in 2025. The effective tax rate on income before income taxes was 26.1% during 2026 versus 24.5% during 2025. The increase in the effective tax rate in 2026 compared to 2025 was primarily due to the mix of earnings in the U.S. and foreign jurisdictions and establishing a taxable presence in a new state.
Previous wording
For a discussion of fiscal 2024 compared to 2023, please refer to Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Annual Report on Form 10-K, filed with the SEC on May 15, 2024.
Current wording
For a discussion of fiscal 2025 compared to 2024, please refer to Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Annual Report on Form 10-K, filed with the SEC on May 9, 2025.
Previous wording
Our primary source of cash comes from our cash flow from operations. In the past, we have supplemented this source of cash with various debt facilities, primarily in connection with acquisitions. We have financed our operations, and expect to continue to finance our operations over the next twelve months, with a combination of funds generated from operations and borrowings. Our principal uses of cash are for operating expenses, debt service, capital expenditures, share repurchases and acquisitions. Based on our current levels of operations and anticipated growth, excluding acquisitions, we believe that our cash generated from operations and our existing credit facilities will be adequate to finance our working capital and capital expenditures through the next twelve months, although no assurance can be given in this regard. See "Economic Environment" above with respect to current uncertainties facing us from a liquidity perspective.
Current wording
Our primary source of cash comes from our cash flow from operations. In the past, we have supplemented this source of cash with various debt facilities, primarily in connection with acquisitions. We have financed our operations, and expect to continue to finance our operations over the next twelve months, with a combination of funds generated from operations and borrowings. In connection with the recently announced expected acquisition of a portfolio of brands, including Breathe Right®, we expect to fund the transaction through a combination of a new term loan facility and cash on hand. Our principal uses of cash are for operating expenses, debt service, capital expenditures, share repurchases and acquisitions. Based on our current levels of operations and anticipated growth, excluding acquisitions, we believe that our cash generated from operations and our existing credit facilities will be adequate to finance our working capital and capital expenditures through the next twelve months, although no assurance can be given in this regard. See "Economic Environment" above with respect to current uncertainties facing us from a liquidity perspective.
Previous wording
Net cash provided by operating activities was $248.9 million for 2024 compared to $229.7 million for 2023. The $19.2 million increase in net cash provided by operating activities was due to decreased working capital and an increase in net income before non-cash items.
Current wording
Net cash provided by operating activities was $257.6 million for 2026, compared to $251.5 million for 2025. The $6.1 million increase in net cash provided by operating activities was due to the timing of working capital, partially offset by a decrease in net income before non-cash items.
Previous wording
Net cash used in investing activities was $20.1 million for 2024 compared to $11.6 million for 2023. The increase in net cash used in investing activities was primarily due to a manufacturing acquisition in Australia in 2024.
Current wording
Net cash used in investing activities was $136.8 million for 2026, compared to $17.5 million for 2025. The increase of $119.4 million in net cash used in investing activities was primarily due to acquisitions during the current year.
Previous wording
Net cash used in financing activities was $241.0 million for 2024 compared to $185.8 million for 2023. This change was primarily due to an increase in net debt repayments of $90.0 million, partly offset by a decrease in the repurchase of shares of our common stock in conjunction with our share repurchase program of $25.0 million and an increase in proceeds from the exercise of stock options of $10.7 million.
Current wording
Net cash used in financing activities was $156.1 million for 2026, compared to $182.1 million for 2025. The decrease of $26.0 million in net cash used in financing activities was primarily due to a decrease in net debt repayments of $138.0 million, partly offset by an increase in the repurchase of shares of our common stock in conjunction with our share repurchase program of $104.8 million and a decrease in proceeds from the exercise of stock options of $10.5 million.
Previous wording
On January 31, 2012, Prestige Brands, Inc. (the “Borrower") entered into a senior secured credit facility, which originally consisted of (i) a $660.0 million term loan with a 7-year maturity (the "2012 Term Loan") and (ii) a $50.0 million asset-based revolving line of credit with a 5-year maturity (the "2012 ABL Revolver"). In subsequent years, we have utilized portions of our accordion feature to increase the amount of our borrowing capacity under the 2012 ABL Revolver to the current amount of $200.0 million, reduced our borrowing rate on the 2012 ABL Revolver and made several other changes to the 2012 ABL Revolver. We have also amended the 2012 Term Loan several times. The 2012 Term Loan is unconditionally guaranteed by Prestige Consumer Healthcare Inc. and certain of its domestic wholly-owned subsidiaries, other than the Borrower. Each of these guarantees is joint and several. There are no significant restrictions on the ability of any of the guarantors to obtain funds from their subsidiaries or to make payments to the Borrower or the Company.
Current wording
On January 31, 2012, Prestige Brands, Inc. (the “Borrower") entered into a senior secured credit facility, which originally consisted of (i) a $660.0 million term loan with a 7-year maturity (the "2012 Term Loan") and (ii) a $50.0 million asset-based revolving line of credit with a 5-year maturity (the "2012 ABL Revolver"). In subsequent years, we have utilized portions of our accordion feature to increase the amount of our borrowing capacity under the 2012 ABL Revolver to the current amount of $200.0 million, reduced our borrowing rate on the 2012 ABL Revolver and made several other changes to the 2012 ABL Revolver. We have also amended the 2012 Term Loan several times.
Previous wording
For the year ended March 31, 2025, during the period it was outstanding, the average interest rate on the 2012 Term Loan was 7.1%. For the year ended March 31, 2024, the average interest rate on the 2012 Term Loan was 7.3%. There were no borrowings under the 2012 ABL Revolver at any time during 2025 or 2024. We also had amortization related to our long-term debt of $1.8 million and $5.2 million for 2025 and 2024, respectively. During fiscal 2025, we repaid the balance of our 2012 Term Loan and terminated all related commitments.
Current wording
During fiscal 2025, we repaid the balance of our 2012 Term Loan and terminated all related commitments. For the year ended March 31, 2025, during the period it was outstanding, the average interest rate on the 2012 Term Loan was 7.1%. For the year ended March 31, 2026, the average interest rate on amounts borrowed under the 2012 ABL Revolver was 3.9%. There were no borrowings under the 2012 ABL Revolver at any time during 2025.
Previous wording
As of March 31, 2025, we had no balance outstanding on the 2012 ABL Revolver and a borrowing capacity of $165.7 million.
Current wording
As of March 31, 2026, we had no balance outstanding on the 2012 ABL Revolver and a borrowing capacity of $182.9 million.
Previous wording
•Have a fixed charge ratio of greater than 1.0 to 1.0 (defined as, with certain adjustments, the ratio of our consolidated EBITDA minus capital expenditures to our trailing twelve months consolidated interest paid, taxes paid and other specified payments). Our fixed charge requirement remains level throughout the term of the agreement.
Current wording
•Have a fixed charge ratio of greater than 1.0 to 1.0 (defined as, with certain adjustments, the ratio of our consolidated EBITDA minus capital expenditures to our trailing twelve months consolidated interest paid, taxes paid and other specified payments). Our fixed charge requirement remains level throughout the term of the credit agreement.
Previous wording
As of March 31, 2025, we had ongoing commitments under various contractual and commercial obligations as follows:
Current wording
Ongoing commitments under various contractual and commercial obligations have not materially changed since our 2025 Annual Report on Form 10-K.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The details of this acquisition are included in the notes to the Consolidated Financial Statements in Part II, Item 8, Note 2 of this Annual Report on Form 10-K.
Current report — wording carried from elsewhere
At February 28, 2026, in conjunction with the annual test for impairment of intangible assets, the estimated fair value exceeded the carrying value for all indefinite-lived intangible assets and accordingly, no impairment charge was taken.
Current report — wording carried from elsewhere
At February 28, 2026, in conjunction with the annual test for impairment of finite-lived intangible assets, there were no indicators of impairment under the analysis and accordingly, no impairment charge was taken.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Additionally, our analysis as of February 28, 2025 confirmed that all other indefinite-lived intangible assets had a fair value exceeding their carrying value by at least 10%.